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Quarter-End Insights

Our Outlook for the Market

The continuing rally in 2009 has left us searching lower (and higher) for buying opportunities.

We thought the market looked cheap back in March 2009, but it looked closer to fairly valued in June, and we think it has grown even more fairly valued today. In fact, our median price/fair value ratio for the market has risen above 1.0 (e.g., more stock prices have risen above our fair value estimates) for the first time since the middle of 2007.

The continuing rally in 2009 has left us searching lower (and higher) for buying opportunities. They've grown increasingly scarce, and increasingly concentrated among companies in our "wide moat" category.